Knowing when to buy/wait?

[Vincent Calderone]

I live in Alaska where the economy is largely affected by oil prices. My wife and I are ready to start investing in real estate, however as I said oil is a big deal and right now the economic future of Alaska is not looking too hot and we were wondering what to do and if waiting to see election results or how the housing market this summer looks would be good ideas? Or is waiting a waste of time because a good investor can make a wise decision in any economy? Thanks for any input we just don't want to blow our first investment because we weren't patient.